Insurance for the New Possible was joined by Monica Millares, Principal, Product Ways of Working at BigPay and Om Bhatia, Head of Digital Business for Asia Pacific at Chubb.
Some of the insights they shared included:
- Empathy must underpin product design. By genuinely understanding the diverse challenges and true financial circumstances of their customers, both Monica and Om emphasize that empathy leads to more inclusive and impactful products.
- The importance of leveling up customers' lives one transaction at a time. This approach not only makes financial management accessible but also integrates it seamlessly into everyday life, allowing users from varied backgrounds, such as migrant workers, to experience significant empowerment and autonomy over their finances.
- How tailoring products to ‘micro-risks’ enables the crafting of insurance products that are not only more relevant but also more immediately beneficial to individuals' everyday lives.
- The challenge of maintaining financial tracking and budgeting tools that customers will continually engage with, stressing that the key to success is reducing customer effort, making technological solutions as frictionless as possible.
- The necessity of creating global products that respect local nuances and how this is crucial for FinTechs looking to scale globally but remain suitable and effective locally.
